2015 JAMB Accounting Past Questions
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Question 1 of 50
1. Question
An expenses is said to be revenue in nature if it
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Question 2 of 50
2. Question
An entry in a subsidiary book which does not form part of the double entry system is a
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Question 3 of 50
3. Question
Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000
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Question 4 of 50
4. Question
Which method of pricing can be used satisfactorily in either rising or falling price situation?
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Question 5 of 50
5. Question
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Question 6 of 50
6. Question
Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s accumulated fund?
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Question 7 of 50
7. Question
Use the information below to answer this question.
Buhari and Osinbajo are in partnership with the following partnership agreement
Buhari Osinbajo
Capital 40, 000 70, 000
Salary 10, 000 15, 000
Interest on capital 5% 5%
Profit/loss sharing ratio 40 60
The net profit for the year ended is N80,000.
“Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively”
What is Osinbajo share of profit?CorrectIncorrect -
Question 8 of 50
8. Question
The major distinguishing element between the final account of a partnership and that of a sole trader is the
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Question 9 of 50
9. Question
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Question 10 of 50
10. Question
Prime cost is one of the following
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Question 11 of 50
11. Question
The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year isCorrectIncorrect -
Question 12 of 50
12. Question
Use the information below to answer this question.
Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash ofN12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.
What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?
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Question 13 of 50
13. Question
When the invoice of a customer is overcast, the supplier will send to him a
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Question 14 of 50
14. Question
 CR. DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120The amount brought down in the sales ledger control account would be
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Question 15 of 50
15. Question
The ledger entries to be made if cash sales is banked is debit
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Question 16 of 50
16. Question
In a bank reconciliation statement, Dishonoured cheques is added to
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Question 17 of 50
17. Question
Which of the following is a debit entry in debtors control account?
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Question 18 of 50
18. Question
Which of the following is not a proper form of the accounting equation
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Question 19 of 50
19. Question
The accounting convention that state that stock should be value that the lower of cost and net realized value is ————— convention
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Question 20 of 50
20. Question
What does liquidity ratio measure?
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Question 21 of 50
21. Question
Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).
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Question 22 of 50
22. Question
The following accounting entries are made when bad debt is recovered
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Question 23 of 50
23. Question
One of the items listed below will not be found in a company’s memorandum and article of association. Which is it?
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Question 24 of 50
24. Question
The act of making necessary adjustment after comparing the actual cost with targeted cost is cost —————————-CorrectIncorrect -
Question 25 of 50
25. Question
Sales ledger control account contains the total amount in respect of
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Question 26 of 50
26. Question
The following account are prepared when goods are sent to branch except
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Question 27 of 50
27. Question
The basis of accounting for public sector is
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Question 28 of 50
28. Question
Use the information below to answer this question
SegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Determine the closing capital 31/12/2014
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Question 29 of 50
29. Question
If the partnership agreement does not specify how net profit is to be divided, the profit should be divided
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Question 30 of 50
30. Question
Use the information below to answer this question.
A business has three departments x, y and z
You are given the following information
Selling and distribution expenses N5200
Rent for the yearN6000
Department turnover floor space in square metresX N60,000 80
Y N80,000 60
Z N100,000 60
How much rent is apportioned to department Z?
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Question 31 of 50
31. Question
A sales for N2,570 was recorded in the sales day book as N2750. The error committed was
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Question 32 of 50
32. Question
Use the information below to answer this question
Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Compute the capital as at 1st Jan, 2014.
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Question 33 of 50
33. Question
Keeping records under single entry system has the advantage of
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Question 34 of 50
34. Question
Which of the following is true in public sector accounting? Cost of assets is
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Question 35 of 50
35. Question
Which of the following accounts is debited when a delivery van is sold for cash?
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Question 36 of 50
36. Question
When shares are sold at more than the per value, they are said to have been issued at
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Question 37 of 50
37. Question
Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 54,000; creditors at the beginning 4000; creditors at the end 2,000CorrectIncorrect -
Question 38 of 50
38. Question
Which of the following is shown in the profit and loss appropriation account of a companyCorrectIncorrect -
Question 39 of 50
39. Question
Use the information below to answer this question.
Dangote acquired Dantata’s business for N350,000. The total asset work were N820,000 and liabilities amounted to N 640,000
The double entry to record the goodwill in the books is debt
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Question 40 of 50
40. Question
The income and expenditure account of a club is the same asCorrectIncorrect -
Question 41 of 50
41. Question
Goods stolen at the branch is debited to
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Question 42 of 50
42. Question
Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ———————
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Question 43 of 50
43. Question
Which of the following cannot be realized?
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Question 44 of 50
44. Question
 If a trail balance is in agreement, one of the statement is untrue
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Question 45 of 50
45. Question
 Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s total liabilities
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Question 46 of 50
46. Question
If sales return is understated, it implies that —————————— is overstatedCorrectIncorrect -
Question 47 of 50
47. Question
Accounting information is used by investors and creditors of a company to predict
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Question 48 of 50
48. Question
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Question 49 of 50
49. Question
An advantage of using accounting ratios is that
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Question 50 of 50
50. Question
The document setting out the regulations regarding shares, meetings and internal organization of a company is known asCorrectIncorrect
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